“Bain invested in approximately 100 companies, many of them are big brand names that you’re familiar with…some of them were struggling and some of them could not be saved. That’s the nature of our free enterprise system.” Eric Fehrnstrom, senior adviser to the Romney campaign.
Mitt Romney loves to tout his private sector experience by saying that “someone who’s never spent a day in the private sector, like President Obama, simply doesn’t understand”.
That’s MOST of us in America. We are just too stupid to understand. Just like HE thinks young people are too stupid to understand banking… Remember when he said the people protesting at the Bank of America shareholders meeting in Charlotte, North Carolina in May 2012 are too young “to really understand how the economy works.” Oh yeah. Only Romney can understand how the economy works. And that’s through Leveraged Buyouts!
There is not ONE economist, one journalist, one investor, one politician out there who can UNDERSTAND how the economy works as well as Mitt Romney.
How much time did Bill Gates spend in the private sector before he started Microsoft? Yet even with Mitt Romney’s 25-years of private sector experience Gates is wildly more successful than Romney. How much time did Bill Clinton spend in the private sector? Zip! Yet here’s what Clinton achieved:
- Average economic growth of 4-percent per year, compared to average growth of 2.8-percent in previous years.
- The economy grew for 116 consecutive months, the most in history.
- More than 22.5 million jobs created, the most jobs ever created under a single administration (more than the previous 12 years). 92-percent of those jobs were in the private sector. Shall I repeat that: 92-PERCENT of those jobs WERE IN THE PRIVATE SECTOR.
- Real median family income increased by 6-thousand-dollars from about $43,000.00 in 1993 to 49,000.00 in 1999.
- Overall unemployment dropped to the lowest level in more than 30 years
- Inflation averaged 2.5-percent, dropping to its lowest rate since the Kennedy Administration.
- The homeownership rate reached 67.7% – the highest rate on record.
- The poverty rate fell from 15-percent in 1993 to nearly 12-percent in 1999, the largest six-year drop in poverty in about 30 years.
- The surplus in fiscal year 2000 was $237 billion, the third consecutive surplus and the largest surplus ever.
Again? HOW MUCH TIME DID BILL CLINTON SPEND IN THE PRIVATE SECTOR? Zip.
Forty-thousand Romneys could not with all his quantity of ‘private Sector Experience’ make up that sum! (Shakespeare. Hamlet Act 5/Scene One: I loved Ophelia. Forty thousand brothers could not with all their quantity of love make up my sum.)
How much time did George Bush spend in the private sector? Yeah, he worked in oil and co-owned a baseball team – and see how successful HE was!
GOVERNMENT IS NOT THE PRIVATE SECTOR…
THAT is why people compare the two and find them so DIFFERENT.
A CEO has only to please himself if it’s his private company – what he says goes!
Or please himself and his family if it’s family owned!
Or about 12 directors and a couple thousand shareholders – a million shareholders, depending?
The government has to please 300-million Americans, foreign governments and populations around the world. (I know Republicans believe they don’t HAVE to worry about other nations and what the rest of the word thinks, that they can thumb their nose at a billion Chinese and millions of Muslims and all those black people in Africa, but THOSE are Republicans! The 13th Tribe of Israel that God mandated to rule America!) The rest of us Gentiles think dfifferently.
It takes TWO parties to make the government work EVERY DAY and the Supreme Court is not a high priced lawyer that you can call in to clean up the mess. There are times the Supreme Court will NOT agree with the CEO…
So Mr. Romney…in case you do NOT know this, the GOVERNMENT is NOT the Private Sector!
The private sector is geared to make a PROFIT! Unless of course YOU wish the government to MAKE a profit? We can rent our army out to foreign governments, for example. We can hold a Pentagon yard sale and sell surplus weapons? Hawk Health Care Insurance? Make people PAY for Food Stamps?
Now don’t get me wrong. The government CAN take a page from the private sector and run more efficiently… and having private sector experience is a GOOD thing. But basing your raison d’etre for becoming president solely on your private sector creds…especially as you’re NO Carlos Slim (Mexican billionaire, richest man in the world)seems sadly limiting and lacking. You seem to be using a lot of wool to weave glasses for US, Mr. Romney.
When somebody, anybody, Republican, Democrat, Independent tells you: I have private sector experience so I can run the government…you buy that?
I guess you ALSO buy that House of Representatives leaders John Boehner and Nancy Pelosi can run Apple? Guess you’ll see their names put forward for CEO of J.P. Morgan Chase…because they have government experience. They know ALL the rules, regulations and loopholes…
If private sector experience is so crucial for running the government – then conversely, government experience should be equally crucial to running the private sector? Think Jon Corzine. New Jersey’s former governor, former U.S. Senator, former head of Investment Bank Goldman Sachs (Corzine made 400-million-dollars when Goldman Sachs went public – after he left as CEO.) Corzine was CEO of MF Global (Man Financial) when the financial services (exchange traded derivates) company folded last year after nearly 2-billion-dollars disappeared from clients accounts.
Now THAT was an unhappy marriage of public AND private sector experience!
So to say that just because I understand how capitalism works – just because I understand how Wal-Mart works – just because I understand how the job market works (does Romney, really?) I’ll make a good president is a nonsensical argument. How about somebody who understands how GOVERNMENT works? Well duhh!
When workers on Verizon go on strike, we can switch to Sprint. When the police go on strike we switch to what – or whom? George Zimmerman? You can close a money-losing factory but what do you do with the Post Office? You can export jobs to China…and keep your labor costs down…what do you do with the firemen making x-dollars an hour? You close the fire station and reopen it where…in Mexico?
Oh give me a break!
There’s also Private Sector and private sector. Not all private sector is considered equal! General Electric (GE) is Private Sector, with capitals. Running GE is like running a small country. You’re CEO of GE, you wanna make a case for running America – OK, I’ll listen.
You’re running Bain Capital you wanna run America? Really? How many of you want the wolves on Wall Street running the henhouse? You want the guy who made those risky investments, those swaps and leveraged buyouts and sold exchange traded derivates — running the government? Do you want ousted Wall Street CEO Jamie Dimon (J.P. Morgan Chase) running the government, when his company just lost 2 billion-dollars due to risky trading on credit derivatives? NO you don’t!
BAIN is into ASSET MANAGEMENT. It’s product is Profit – unlike Ford who sells products TO MAKE A PROFIT! Consumers are Ford’s customers – INVESTORS are Bain’s customers. There is a difference – just like there’s a difference between a dining room chair and a recliner. Yes they’re both chairs but their purposes are different…
So when Romney says: I have private sector experience – tell him fine! Great Mr. Romney, that’s good. BUT we’re NOT buying a Wall Street CEO, we’re looking for a Commander-in-Chief. So, Mr. Romney – this part about the private sector looks nice on your resume but tell us about your experience with THE JOB YOU’RE APPLYING FOR. You were governor of Massachusetts – but you DO NOT include that on your resume. WHY?
WHY doesn’t Governor Romney TALK about his great achievements as Commander-in Chief of Massachusetts? Being governor is like an internship for President, isn’t it? So how did you do? DID YOU NOT HAVE PRIVATE SECTOR EXPERIENCE WHEN YOU WERE GOVERNOR OF MASSACHUSETTS? How did that work for you in this tiny state? Guess there were too FEW people for Romney to find jobs for – he needs a wider stage!
The records are there for anyone to find – especially as it’s probably another ONE of the things Romney has forgotten — in his long list of the forgotten…
You’d think Romney would be BRAGGING about his achievements in a state with a Democrat-controlled House and Senate to show how he worked with the Opposition…to show how he CAN get things done. Wonder why he’s running away from his record in Massachusetts? Running from the 212 days he spent in office IN 2006 (his last year in office) during his 4-years as a ONE-TERM absentee governor while he devoted much of his time to travelling in and outside the U.S. drumming up support for his presidential campaigns…
And what good will Private Sector experience do if you have an uncooperative Congress?
Even if you come in brimming with ideas (like I’m sure Obama did) and the Democrats decide to make YOU a One-Term President? Do you think Republicans hold a monopoly on creating One-Term presidents. Be careful what you wish for, Mr. Romney. One-Term President has become the latest catch-word – just like One-Term governor!
So when you become the private sector president — Mr. Romney…I can’t wait to see the “jobs” you’re going to create in Iraq and Afghanistan and in Immigration Reform and appeasing the Iaraelis/Palestinians and in Education Reform and by repealing Health Care Reform and in strong-arming China and in reworking America’s Tax Code…and in negotiating with Russia…
Private sector experience does not help with ALL those? Who cares. If you’ve got private sector experience the presidency is a dream…a breeze…piece of cake! Go Private Sector Experience!!!
Oh yes – former Boston Red Sox pitcher Curt Schilling (who donated to/campaigned for John McCain and Schilling’s fellow Alaskan, Sarah Palin) has Private Sector experience, too — now that his company has gone bankrupt. Let’s vote for him too! (See my post: Solyndra and Schilling…)